41–50 of 168 posts
Earlier quoted context omitted.
They can outlaw exchanges and then cryptocurrencies would "simply" become a black market or "shadow" economy. But they can't stop it.
But at that point wouldn’t people just use cash?
I feel like there are whales that simply manipulate the price based on news. There's little evidence to suggest bitcoin has any usage in zimbabwe in practical day to day usage. Therelies the problem with bitcoin, why would someone in zimbabwe pay 1 week of their salary to move 3 weeks of pay and still not be sure if the money will still be there tomorrow?
Yeah I hate these "Bitcoin is happening in (Insert African/Latin Country here)" type of remarks. For Bitcoin to succeed, it needs to conquer the US market adoption and it is not even close to doing that. All price gains are just speculation and market manipulation.
Genuinely: Why is that axiomatic?
Why is there no path that is, reductively, in parts of the world where electronic payments are already normal, bitcoin becomes the instrument?
Earlier quoted context omitted.
if you didn't dealt with this you can't understand, but simply put, 1 week of pay could be toilet paper next week(s), as it happened in Venezuela. In my country some years ago, in a time of crisis for example the government locked all foreign currency in banks, and auto exchanged it for the national currency, at a rate set by them, it was robbery basically, prices would jump up like 25% day to day, so the national cu…
.... but bitcoin frequently jumps 25% a day on NON-domestic news.... how is it a better store of value?
prices = inflation = jumps up and up
Earlier quoted context omitted.
.... but bitcoin frequently jumps 25% a day on NON-domestic news.... how is it a better store of value?
bitcoin = fluctuation = jumps up and down prices = inflation = jumps up and up
Earlier quoted context omitted.
Yeah I hate these "Bitcoin is happening in (Insert African/Latin Country here)" type of remarks. For Bitcoin to succeed, it needs to conquer the US market adoption and it is not even close to doing that. All price gains are just speculation and market manipulation.
> For Bitcoin to succeed, it needs to conquer the US market adoption Genuinely: Why is that axiomatic? Why is there no path that is, reductively, in parts of the world where electronic payments are already normal, bitcoin becomes the instrument?
I can't think of any technology besides micro-finance that has trickled-up to USA.
I don't want to start the usual bitcoin scaling debate, but aren't the fees extremely high now? Using [1] an average transaction costs about 10$, this is particularly bad in a poor country. I wonder if using a cryptocurrency is really the best option in this case. [1]: https://bitcoinfees.earn.com/
The 137,000 satoshi price quoted isn't an average - it's the price to have your transaction almost guaranteed to be accepted in the next block It also shows 30 satoshi a byte gets you transaction accepted in 3-80 blocks, which based on experience is usually 3-12 blocks - and that works out to be 50c for the average transaction
3-12 blocks is half a hour to two hours wait. The chart shows 30 satoshis/byte to take 40 minutes to a 19 hours total wait.
I don't want to start the usual bitcoin scaling debate, but aren't the fees extremely high now? Using [1] an average transaction costs about 10$, this is particularly bad in a poor country. I wonder if using a cryptocurrency is really the best option in this case. [1]: https://bitcoinfees.earn.com/
https://www.reddit.com/r/Bitcoin/comments/7b7jj1/john_newber...
Earlier quoted context omitted.
if you didn't dealt with this you can't understand, but simply put, 1 week of pay could be toilet paper next week(s), as it happened in Venezuela. In my country some years ago, in a time of crisis for example the government locked all foreign currency in banks, and auto exchanged it for the national currency, at a rate set by them, it was robbery basically, prices would jump up like 25% day to day, so the national cu…
.... but bitcoin frequently jumps 25% a day on NON-domestic news.... how is it a better store of value?
(Whether it's reasonable to project that past behavior into the future is another discussion, of course.)
Earlier quoted context omitted.
The 137,000 satoshi price quoted isn't an average - it's the price to have your transaction almost guaranteed to be accepted in the next block It also shows 30 satoshi a byte gets you transaction accepted in 3-80 blocks, which based on experience is usually 3-12 blocks - and that works out to be 50c for the average transaction
For POS transactions though don't you want it to be instant? 3-12 blocks is half a hour to two hours wait. The chart shows 30 satoshis/byte to take 40 minutes to a 19 hours total wait.
Earlier quoted context omitted.
if you didn't dealt with this you can't understand, but simply put, 1 week of pay could be toilet paper next week(s), as it happened in Venezuela. In my country some years ago, in a time of crisis for example the government locked all foreign currency in banks, and auto exchanged it for the national currency, at a rate set by them, it was robbery basically, prices would jump up like 25% day to day, so the national cu…
.... but bitcoin frequently jumps 25% a day on NON-domestic news.... how is it a better store of value?